The digital technology firm Amount has raised $99 million in a Series D investment round, which result in its total valuation of up to 1b, the company cleared that this funding will go to boost the digital transformation of the Banks and other financial institutions.
In the $99m funding round several investors were involved, investment was headed by WestCap, a growth equity firm established by Laurence Tosi, a former CFO of Blackstone and Airbnb. Additionally participating were Hanako Ventures, Goldman Sachs, Invus Opportunities, and Barclays Principal Investments.
Given that the investment was made just over five months ago, Amount just secured $86 million led by Goldman Sachs Growth in a Series C round at a valuation of $686 million.
(Barclays Principal Investments contributed $5 million to the second closing of the Series C round; the initial round was for $81 million.) Additionally, the Chicago-based company had secretly raised $58 million just three months earlier. The Digital banking company amount has raised a total of $243 million since it split from Avant, an online lender that had raised more than $600 million in equity, in January 2020. as per azevedotechcrunch.
One of the first significant banks in America to offer point-of-sale financing solutions was Barclays US, which recently teamed with Amount. According to Barclays, the primary factor in customers’ decision to use Amount was the 200 percent increase in buy now, pay later (BNPL), which was sparked by the development of e-commerce and rising consumer demand for a variety of payment options.
The platform is being used by a number of illustrious financial institutions, including TD Bank, Barclays, HSBC, Eloan, BBVA, Regions, and Your Bank.
According to the company, Amount’s clients serve more than 50 million US customers and jointly manage close to $2 trillion in US assets. According to Amount, who is quoted in the paper, the company intends to use its new resources to enhance R&D by investing in its goods and technologies and considering partnerships.
According to the company, banks may benefit from its help in “quickly becoming more flexible,” “enhancing the digital banking experience in months instead of years,” and “getting rid of old technologies that prevent them from competing with fintech, which is quick to expand and nimble.”
Amount’s omnichannel solutions make it possible for users to conduct digital banking whenever and wherever they see fit, removing barriers for customers to use applications and receive services, Customers may open accounts and obtain loans quickly with Amount’s retail banking package, which also includes small business loans and auto loans.
The epidemic “greatly boosted banks’ interest in further digitizing the retail loan experience and delivering new purchase now, paying later financing options with the rise of e-commerce.” according to Hughes, a former president and COO of Avant.
A relationship with Amount can offer a top-notch digital experience with important go-to-market advantages because banks are seriously at risk of being disrupted by fintech competitors.
He adds that consumers’ expectations for digital technology have changed as a result of the forced use of digital technology during the pandemic, which led to the closure of bank branches and retail stores as well as a rise in online purchasing of goods and services.
Amount provides retail banking services through a variety of channels, point-of-sale financing solutions, and features including fraud protection., confirmation, decision-making tools, and account management.
According to the company, Amount often works with financial institutions that collectively handle up to $2 trillion in US assets and provide services to more than 50 million US customers.
Hughes flatly refused to provide any financial details for the company, only saying that Amount “performed well” in 2020 on its own and that it expects “significant” revenue growth in 2021.
Amount 99M Series
fintech startups Amount Raised $99m series d at a $1b+ valuation, aiding banks to modernize to contest with fintech startups, Amount announced new partnerships with a number of significant banks in order to assist businesses in streamlining processes and providing customers with more seamless omnichannel solutions.
they’ll put the needs of our partners and their clients first throughout it all, emphasizing great user experiences in their products and giving banks and other financial institutions the tools they need to compete with and exceed their competition.
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Faqs
Adam Hughes.
Series D.
$99 Million.
Little more than $ 1 billion.
Other financial institutions and banks.
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